Maryland State Retirement & Pension System Sells 659 Shares of California Water Service Group (NYSE:CWT)

Maryland State Retirement & Pension System cut its holdings in California Water Service Group (NYSE:CWT) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 69,445 shares of the utilities provider’s stock after selling 659 shares during the quarter. Maryland State Retirement & Pension System owned approximately 0.12% of California Water Service Group worth $3,367,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UniSuper Management Pty Ltd purchased a new stake in shares of California Water Service Group in the 1st quarter worth approximately $670,000. Assenagon Asset Management S.A. purchased a new stake in California Water Service Group during the second quarter worth $6,823,000. Tidal Investments LLC bought a new stake in California Water Service Group during the 1st quarter valued at $535,000. Russell Investments Group Ltd. increased its holdings in shares of California Water Service Group by 19.4% in the 1st quarter. Russell Investments Group Ltd. now owns 194,093 shares of the utilities provider’s stock valued at $9,021,000 after acquiring an additional 31,522 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of California Water Service Group by 3,683.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 30,154 shares of the utilities provider’s stock worth $1,564,000 after acquiring an additional 29,357 shares in the last quarter. 82.78% of the stock is currently owned by institutional investors.

California Water Service Group Trading Up 0.5 %

NYSE:CWT opened at $55.33 on Friday. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 22.13 and a beta of 0.47. California Water Service Group has a 52 week low of $43.50 and a 52 week high of $55.48. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.68. The firm has a 50 day moving average of $51.99 and a 200 day moving average of $49.28.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.42 by $0.28. California Water Service Group had a return on equity of 11.94% and a net margin of 17.78%. The firm had revenue of $244.30 million during the quarter, compared to analyst estimates of $216.25 million. During the same quarter in the prior year, the business posted $0.17 EPS. The business’s revenue for the quarter was up 25.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were paid a dividend of $0.28 per share. The ex-dividend date was Monday, August 12th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.02%. California Water Service Group’s payout ratio is 44.80%.

Insider Activity

In related news, Director Thomas M. Krummel sold 555 shares of California Water Service Group stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $52.99, for a total value of $29,409.45. Following the completion of the sale, the director now directly owns 23,616 shares in the company, valued at approximately $1,251,411.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $52.99, for a total value of $29,409.45. Following the completion of the transaction, the director now owns 23,616 shares of the company’s stock, valued at $1,251,411.84. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Thomas M. Krummel sold 1,654 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $50.07, for a total transaction of $82,815.78. Following the sale, the director now directly owns 24,171 shares in the company, valued at $1,210,241.97. The disclosure for this sale can be found here. Insiders have sold a total of 3,319 shares of company stock worth $171,743 over the last 90 days. 0.73% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company upgraded California Water Service Group from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $50.00 to $57.00 in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $53.67.

About California Water Service Group

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. The company is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection services.